Norwegian Block Exchange (NBX) Company Presentation summary

Company overview

• NBX is a leading Nordic digital asset and crypto economy company, operating a regulated cryptocurrency exchange and offering the world's first credit card with Bitcoin cashback.

• Headquartered in Oslo with 13 employees, NBX is registered with the Norwegian Financial Supervisory Authority and listed on Euronext Growth Oslo since 2021.

• In 2024, NBX obtained an E-money license and became a regulated Virtual Asset Provider, ensuring compliance with MiCA and readiness for future regulations.

• The company has achieved NOK 2.5bn in trade volume since 2020 and ranked 4th on Hoptrail's AML risk board in 2023.

• NBX focuses on making digital assets accessible, emphasizing security, compliance, and innovation.

Strategic focus areas

• NBX's three main business areas are its trading platform, the NBX Visa credit card, and stablecoins.

• The trading platform supports retail and business users, with 94,000 registered and 37,000 verified users, and a 28.5% growth in new registrations from H2 2023.

• The NBX Visa credit card offers 1-4% Bitcoin cashback, with 1,600 cards issued as of H1 2024 and 86% growth in issued cards over the last six months.

• NBX is set to issue the USDM stablecoin in the EU, the first fully reserved, fiat-backed stablecoin on the Cardano blockchain, targeting 10% of 2025 revenue from stablecoins.

• Strategic growth is driven by enhanced marketing, new partnerships, and expansion into the EU and Nordic markets.

Financial performance

• Total revenue (including OTC) reached NOK 9.8m in H1 2024, with a 154% increase in platform and OTC volume from H1 2023.

• Adjusted EBITDA for H1 2024 was approximately NOK -6.1m, with normalized opex of NOK 1-1.5m per month.

• Break-even is projected at 6,000-8,000 issued credit cards, with significant investments already made and low ongoing costs.

• NBX holds NOK 25.9m in convertible debt, with upcoming maturities and a portion to be settled from the Rights Issue proceeds.

• The company aims for a 15% ROE and expects 10% of 2025 revenue from stablecoins.